Date of Report (Date of earliest event reported)
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July 26, 2012
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WORLD ACCEPTANCE CORPORATION
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(Exact name of registrant as specified in its charter)
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South Carolina
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0-19599
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57-0425114
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(State or other jurisdiction of incorporation)
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Commission (FileNumber)
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(IRS Employer Identification No.)
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108 Frederick Street, Greenville, South Carolina
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29607
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(864) 298-9800
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n/a
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(Former name or former address, if changed since last report.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition; and
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Item 7.01
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Regulation FD Disclosure.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit Number
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Description of Exhibit
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99.1
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Press release issued July 26, 2012
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WORLD ACCEPTANCE CORPORATION
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||
(Registrant)
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||
Date: July 26, 2012
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||
By:
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/s/ Kelly M. Malson
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Kelly M. Malson
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||
Senior Vice President and Chief Financial Officer
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Exhibit
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Description
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Press Release dated July 26, 2012
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NEWS RELEASE
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For Immediate Release
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|
Contact: | Kelly Malson |
Chief Financial Officer | |
(864) 298-9800 |
WRLD Reports Record First Quarter
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|||
Page 2 | |||
July 26, 2012 |
WRLD Reports Record First Quarter
|
|||
Page 3 | |||
July 26, 2012 |
Condensed Consolidated Statements of Operations
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(unaudited and in thousands, except per share amounts)
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Three Months Ended
June 30,
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||||||||
2012
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2011
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|||||||
Interest & fees
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$ | 115,299 | $ | 107,348 | ||||
Insurance & other
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17,537 | 15,808 | ||||||
Total revenues
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132,836 | 123,156 | ||||||
Expenses:
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||||||||
Provision for loan losses
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23,615 | 22,839 | ||||||
General and administrative expenses
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||||||||
Personnel
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48,413 | 44,635 | ||||||
Occupancy & equipment
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8,643 | 8,219 | ||||||
Advertising
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2,645 | 2,783 | ||||||
Intangible amortization
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369 | 433 | ||||||
Other
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9,089 | 8,443 | ||||||
69,159 | 64,513 | |||||||
Interest expense
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3,926 | 3,384 | ||||||
Total expenses
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96,700 | 90,736 | ||||||
Income before taxes
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36,136 | 32,420 | ||||||
Income taxes
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13,521 | 12,238 | ||||||
Net income
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$ | 22,615 | $ | 20,182 | ||||
Diluted earnings per share
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$ | 1.63 | $ | 1.27 | ||||
Weighted average shares outstanding (diluted)
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13,902 | 15,918 |
Condensed Consolidated Balance Sheets
|
(unaudited and in thousands)
|
June 30,
2012
|
March 31,
2012
|
June 30,
2011
|
||||||||||
ASSETS
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||||||||||||
Cash
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$ | 12,875 | $ | 10,768 | $ | 9,802 | ||||||
Gross loans receivable
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1,027,165 | 972,723 | 939,077 | |||||||||
Less: Unearned interest & fees
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(277,418 | ) | (257,638 | ) | (252,819 | ) | ||||||
Allowance for loan losses
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(55,670 | ) | (54,507 | ) | (50,420 | ) | ||||||
Loans receivable, net
|
694,077 | 660,578 | 635,838 | |||||||||
Property and equipment, net
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23,816 | 23,486 | 23,680 | |||||||||
Deferred tax benefit
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18,632 | 18,474 | 14,742 | |||||||||
Goodwill
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5,691 | 5,691 | 5,635 | |||||||||
Intangibles
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5,133 | 5,479 | 6,257 | |||||||||
Other assets
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10,656 | 10,527 | 8,873 | |||||||||
$ | 770,880 | $ | 735,003 | $ | 704,827 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
Liabilities:
|
||||||||||||
Notes payable
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353,600 | 279,250 | 247,244 | |||||||||
Income tax payable
|
12,832 | 11,528 | 17,833 | |||||||||
Accounts payable and accrued expenses
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22,588 | 25,350 | 19,709 | |||||||||
Total liabilities
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389,020 | 316,128 | 284,786 | |||||||||
Shareholders' equity
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381,860 | 418,875 | 420,041 | |||||||||
$ | 770,880 | $ | 735,003 | $ | 704,827 |
WRLD Reports Record First Quarter
|
|||
Page 4 | |||
July 26, 2012 |
Selected Consolidated Statistics
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(dollars in thousands)
|
Three Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
Expenses as a percent of total revenues:
|
||||||||
Provision for loan losses
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17.8 | % | 18.5 | % | ||||
General and administrative expenses
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52.1 | % | 52.4 | % | ||||
Interest expense
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3.0 | % | 2.7 | % | ||||
Average gross loans receivable
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$ | 1,000,056 | $ | 906,330 | ||||
Average loans receivable
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$ | 732,181 | $ | 665,256 | ||||
Loan volume
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$ | 752,993 | $ | 702,592 | ||||
Net charge-offs as percent of average loans
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12.2 | % | 12.5 | % | ||||
Return on average assets (trailing 12 months)
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13.8 | % | 13.7 | % | ||||
Return on average equity (trailing 12 months)
|
24.9 | % | 22.7 | % | ||||
Offices opened (closed) during the period, net
|
8 | 20 | ||||||
Offices open at end of period
|
1145 | 1087 |
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